Solana price analysis: SOL loses value at $116.6

TL;DR Breakdown

• Solana price analysis is bearish today.
• The strongest resistance is present at $142.
• Solana trading price is $116.6 as of now

The Solana price analysis shows bearish momentum with further bearish opportunities. The bulls rule the SOL market but are likely to be taken out of the picture soon, and SOL now expects a further devaluation in the coming days. On the other hand, the bears appear to show firm footing and might engulf the market soon. As a result, the SOL price has experienced a crash from $122 to $116 and has remained around that threshold.

The market shows the price of Solana’s negative movement at the $116 mark. Solana continues a bullish movement. SOL currently trades at $116.6; SOL has been up 1.31% in the last 24 hours with a trading volume of $2,341,902,540 and a live market cap of $38,196,793,973. SOL currently ranks at #6 in the cryptocurrency rankings.

SOL/USD 4-hour price analysis: Latest developments

The Solana price analysis illustrates that the present condition of the market demonstrates bearish potential as the price moves downward. Moreover, the market’s volatility follows a slight closing movement, resulting in the cryptocurrency being less prone to volatile change on either extreme. As a result, the upper limit of the Bollinger’s band rests at $134, serving as the strongest resistance for SOL. Conversely, the lower limit of the Bollinger’s band is present at $108, serving as a support point for SOL.

The SOL/USD price travels under the Moving Average curve, indicating the market is following a bearish movement. However, as the market experiences declining volatility today. In addition, the SOL/USD price seems to move towards the support band, signifying a possible reversal movement, which could explode the volatility in the market.

The Solana price analysis reveals that the Relative Strength Index (RSI) score is 41 making the cryptocurrency stable, falling in the lower neutral region. Furthermore, the RSI score moves downward, indicating the selling activity outweighs the buying activity while moving towards stable dynamics.

Solana price analysis for 24-hours: SOL market closes

The Solana price analysis has entered a bearish movement in the last few days. Moreover, as the volatility closes, the value of the cryptocurrency moves with a volatile change; the price is less prone to variable change in this instance. As a result, the upper limit of the Bollinger’s band rests at $142, serving as the most substantial resistance for SOL. Contrariwise, the lower limit of the Bollinger’s band rests at $81, serving as the strongest support for SOL.

The SOL/USD price appears to be crossing under the Moving Average curve, displaying bearish momentum. On the other hand, the market shows upward movement as the price favors a positive approach.

The Relative Strength Index (RSI) score appears to be 54, showing the cryptocurrency’s stable value. It falls in the upper neutral region. However, the RSI score follows a decreasing movement signifying a declining market and depreciating dynamics. In addition, the declining RSI score indicates selling activity superior to buying activity.

Solana Price Analysis Conclusion

The Solana price analysis shows bearish momentum with strong possibilities of further bearish activity in the coming days. The bears have captured the market. If the bulls fail to strike back soon, the bears will engulf the market for the long term. However, since the bears show massive potential, they can have a chance to consume the market entirely, however, if the price breaks the support. Then, the market dynamics will be shifted in the bulls’ favor.

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